After spending some time tinkering with this issue, I finally found a solution that worked for me. I decided to share it here in the hopes that it might help others save some time.
In ColdFusion 11, my binding parameter looked like this:
<cfset args.bind = 'cfc:data.RecordSelect({cfgridpage},{cfgridpagesize},{cfgridsortcolumn},{cfgridsortdirection},"#DataSelect.tableName#","#DataSelect.dsn#",{gridForm:searchColumn},gridForm:searchBox},"#DataSelect.PKName#","#variables.gridColumnsForGrid#")'>
This code ran smoothly on CF11 and mostly works on CF2018 as well. The grid can sort, update, add new records, and delete records without any issues. However, I encountered an error when trying to filter using a dropdown:
Element not found: "gridColumn|gridHeading|gridDataType|gridMask|tableName|PKName|searchable|dsn" [Enable debugging by adding 'cfdebug' to your URL parameters to see more information]
This element refers to the list of columns being passed to the CFC.